Metaplanet said it is partnering with SBI VC Trade to use its corporate custody service that offers the ability to use $BTC as collateral for funding.
Japanese investment advisor Metaplanet (3350), which adopted bitcoin {{BTC}} as a reserve asset earlier this year, said it had turned to SBI VC Trade to provide custody services.
SBI VC Trade, a unit of Tokyo-based SBI Holdings, prioritizes tax efficiency and offers the ability to use BTC as collateral for funding, Metaplanet said Monday. SBI Holdings is a financial services company that manages about 27.2 trillion yen ($185 billion). SBI VC Trade is a crypto exchange regulated by Japan’s Financial Services Agency.
“This aligns with our vision of a modern financial services provider and adds flexibility to our corporate strategy, complementing our ongoing efforts in equity and debt financing,” Metaplanet said.
In May, Metaplanet stated that it was adopting bitcoin as a reserve asset to protect against yen volatility. As of August 20, it held 360.4 BTC ($21 million).
The reserve asset strategy mimics software developer MicroStrategy (MSTR), which has been buying bitcoin since 2020 and now holds more than 226,000 BTC, more than 1% of all bitcoin that will ever exist.
Metaplanet shares fell 12.4% on Monday to 1,220 yen ($8.30).
